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criterion of utility

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  • Utility (patent) — In United States patent law, utility is a patentability requirement. Today, the utility requirement is the lowest bar and is easily met. Largely utility is used to prevent the patenting of inoperative devices such as perpetual motion machines.… …   Wikipedia

  • Utility — This article is about the economic concept. For other uses, see Utility (disambiguation). Part of a series on Utilitarianism …   Wikipedia

  • Kelly criterion — In probability theory, the Kelly criterion, or Kelly strategy or Kelly formula, or Kelly bet, is a formula used to determine to optimal size of a series of bets. Under some simplifying assumptions, the Kelly strategy will do better than any… …   Wikipedia

  • Expected utility hypothesis — In economics, game theory, and decision theory the expected utility hypothesis is a theory of utility in which betting preferences of people with regard to uncertain outcomes (gambles) are represented by a function of the payouts (whether in… …   Wikipedia

  • Category utility — is a measure of category goodness defined in Harvtxt|Gluck|Corter|1985 and Harvtxt|Corter|Gluck|1992. It was intended to supersede more limited measures of category goodness such as cue validity (Harvnb|Reed|1972;Harvnb|Rosch|Mervis|1975) and… …   Wikipedia

  • Multi-criteria decision analysis — Multiple criteria decision making or multiple criteria decision analysis is a sub discipline of operations research that explicitly considers multiple criteria in decision making environments. Whether in our daily lives or in professional… …   Wikipedia

  • Arrow's impossibility theorem — In social choice theory, Arrow’s impossibility theorem, the General Possibility Theorem, or Arrow’s paradox, states that, when voters have three or more distinct alternatives (options), no voting system can convert the ranked preferences of… …   Wikipedia

  • Welfare economics — Economics …   Wikipedia

  • Mill, John Stuart: Ethics and politics — J.S.Mill Ethics and politics R.F.Khan ON LIBERTY John Stuart Mill’s mature views on ethics and politics are to be found in On Liberty (published in 1859), Utilitarianism (1861), Considerations on Representative Government (1861) and The… …   History of philosophy

  • Kaldor-Hicks efficiency — (named for Nicholas Kaldor and John Hicks) is a measure of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, but has less stringent criteria and is hence applicable to more circumstances. Under Kaldor Hicks… …   Wikipedia

  • Economics of global warming — This article describes the economics of global warming and climate change. Contents 1 Definitions 2 Climate change science 3 Scenarios 4 Trends and projections …   Wikipedia

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